Solar Panels Cost $10k-$21k in Madison County, IN | December, 2024
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How much do solar panels cost in Madison County, IN in 2024?
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To go solar is about $3.92/W in Madison County, IN in December, 2024.
Stemming from this price per watt, you are able to come to the conclusion that for every 1000 watts (1 kW) your solar system can produce you will need to spend $3,920 to have your panels installed. Typically, the price of a 5 kW solar installation in Madison County, after you subtract 30% federal tax credit, is around $13,720. Your energy needs could need a larger system.
To your left, you have the option to choose your county and determine the average roof size along with the average maximum capacity for solar panel installations on homes in your area. Shown below is an outline of the price, payback period, and 20-year average savings for a 5 kW system installed in your county.
Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Madison County: $13,720US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Madison County: 8 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Madison County: $13,460US Average: $16,152
Solar Potential in Madison County
Estimated system size and solar electricity production per median viable roof in Madison County.
Roof size 644sq. ft.
Capacity 9kW DC
Electricity 10.2kkWh AC per yr.
Electricity Costs in Madison County, IN & What that Means for Your Solar Panel Pricing
Energy consumers in Madison County typically pay 137.75 per month for electricity, consuming an typical of 916 kWh. Note that the energy usage for apartments and smaller residences is covered in this number.
The average rate for electricity in Madison County, IN in December, 2024 is 15.04¢ per kWh.
Upfront, an 8 kW solar system is around $31,360, with the federal income tax credit giving you 30% back, lowering the cost to $21,952.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Madison County
To the left, we have displayed a thorough price breakdown for multiple solar panel system sizes set up in Madison County. The bigger the solar array, the higher the initial expense, but also the more substantial electricity savings and income tax credits you'll get.
The calculator down and to the right provides a detailed summary of solar panel costs and benefits, based on an average electric bill of $137.75 in Madison County. Adjust the $137.75 to your typical electricity bill payment for more accurate results.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $887 a year
Est. Price
$10,976
Savings from a 4kWthis system
Est. yearly production 5,916 kWh
Est. monthly savings $74
Full payback in 7 years
Environmental Impacts
Reduces CO2 emissions by 4.33 tons a year
Equivalent to planting 199 trees a year
Equivalent to driving 10,722 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,109 a year
Est. Price
$13,720
Savings from a 5kWthis system
Est. yearly production 7,395 kWh
Est. monthly savings $92
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 5.41 tons a year
Equivalent to planting 249 trees a year
Equivalent to driving 13,402 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,331 a year
Est. Price
$16,464
Savings from a 6kWthis system
Est. yearly production 8,874 kWh
Est. monthly savings $111
Full payback in 10 years
Environmental Impacts
Reduces CO2 emissions by 6.5 tons a year
Equivalent to planting 298 trees a year
Equivalent to driving 16,083 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,553 a year
Est. Price
$19,208
Savings from a 7kWthis system
Est. yearly production 10,353 kWh
Est. monthly savings $129
Full payback in 12 years
Environmental Impacts
Reduces CO2 emissions by 7.58 tons a year
Equivalent to planting 348 trees a year
Equivalent to driving 18,763 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,775 a year
Est. Price
$21,952
Savings from a 8kWthis system
Est. yearly production 11,832 kWh
Est. monthly savings $138
Full payback in 13 years
Environmental Impacts
Reduces CO2 emissions by 8.08 tons a year
Equivalent to planting 371 trees a year
Equivalent to driving 20,008 mi less a year
Madison County Solar Panel Installation Incentives & Rebates | 2024
The REAP Grant can potentially cover between 80% and 100% of the installation costs for solar or wind turbines for rural small businesses and farmlands. Not sure if you qualify? Use our REAP Grant eligibility tool to verify.
The federal government offers a 30% tax credit for residential solar systems, which makes solar appealing and sensible for a wide range of homeowners. A variety of state and local programs are in place to support the use of solar energy.
Residents of Indiana can access 6 solar rebate and incentive programs from a variety of utilities and governmental bodies.
Solar incentives in INIncentive Description Value
Renewable Energy Property Tax Exemption
Value:Varies
Property tax exemptions apply in Indiana for solar, wind, geothermal, and hydroelectric power and thermal devices. (Solar devices installed before January 1, 2012 do not qualify for an exemption.) For most generation systems, exemptions will amount to the currently assessed value of the system (adjusted for depreciation.) Solar thermal, HVAC, or pool heating systems will be exempted at a fixed amount equal to parts and labor costs. Unique to Indiana, should the owner sell their property, exemptions will not apply to the new owner. Qualifying taxpayers may claim the exemption by filing Form 18865 with their county. Additional information is available from the Indiana Department of Local Government Finance website.
Community Conservation Challenge
Value:Varies
NOTE: This program is closed to new applicants. Indiana's Community Conservation Challenge is a grant program managed by the Office of Energy Development. Commercial, industrial, or agricultural property owners may be eligible for $20,000 - $80,000 to install new renewable energy systems or make energy efficiency improvements. Projects that may qualify for funding include green vehicles, HVAC, lighting, solar PV/thermal systems, and wind turbines. At least one community must partner with the property owner, and the completed project should be visible to the public eye. Additional information is available from the OED website.
NIPSCO - Feed-In Tariff
Value:Varies
NIPSCO pays feed-in tariffs to distributed renewable energy customers with systems rated for 3 kilowatts to one megawatt of capacity. Monthly compensation will take the form of a bill credit based on the amount of excess energy sent back to the grid. Unlike net metering, NIPSCO has greater control over how much of a customer's generated energy can be considered "excess." This control is to keep the grid stable. Customers must "opt in" to receive tariffs by filling out an application on the NIPSCO website and paying an administration fee based on system capacity; the current fee is $1 per kilowatt plus $25.
Clean Energy Portfolio Standard
Value:Varies
Indiana has adopted a non-binding renewable portfolio standard called the CHOICE. There have been three clean energy targets set with the final goal of sourcing 10% of the state's energy from renewable sources by 2025. Unique to the CHOICE standard, up to 30% of investments can be in cleaner conventional energy (natural gas, CHP, and clean coal). Participation in the CHOICE is completely voluntary. Interested utilities can register with the state's Utility Regulatory Commission to submit business and project plans. As a utility makes CHOICE investments, they will earn Clean Energy Credits pegging energy capacity to a fixed dollar value. Additional information is available from the CHOICE website.
City of Bloomington - Sustainable Development Incentives
Value:Varies
Special administrative incentives may apply to new construction in Bloomington, IN if it meets certain green building standards. The city has established standards across four areas, including energy efficiency, landscape/water efficiency, public policy (specifically promoting alternative vehicles), and public transportation. Buildings meeting certain minimum quotas for projects in the goal areas may qualify for permit fee waivers and less strict setback requirements. Additional information is available from the Bloomington city website.
City of Indianapolis - Green Building Incentive Program
Value:Varies
Special permitting privileges may apply to new projects in Indianapolis or greater Marion County if designers adhere to certain energy efficiency standards. Qualifying structures should either use on-site solar panels/small wind equipment or be ASHRAE 90.1 certified. Appliances, lighting, and HVAC systems used should be ENERGY STAR certified. Once the builder applies for permits, the structure will be ranked across six sustainability criteria. If it passes minimum standards on at least half of the criteria, 30% of the total permit fees will be refunded. For each additional criterion, another 10% will be added to the total rebate. Additional information is available from the Indianapolis city website.
Are solar panels worth it in Madison County, IN?
If you intend to own your residence longer than the solar system's payback period, solar panels are a good investment in Madison County. A 5 kW solar system in Madison County, IN might save you an average of $19,340 over 20 years, with the break even point generally being 8 years.
The cost of not having solar panels in Madison County, IN
Besides missing out on the savings highlighted earlier, not installing solar panels or an alternative backup energy source results in you being fully reliant on your electric utility for electricity. As illustrated by recent news stories, complete dependence on your utility company isn't always the best scenario.
In recent times, utilities in Madison County have averaged an average of 1.17 outages per customer annually. Usually, outages have an average duration of 156.95 minutes. However, during critical events like grid management errors, heavy rain and flooding or planned maintenance, these times can extend dramatically.
Take a look at the graphic below to see the number of current electricity customers without power in Madison County.
Owning a solar panel system, irrespective of a backup battery, could reduce the strain of any future outages you may encounter.
Power Outages
Currently, 0 customers are being tracked in Madison County.
What impacts the cost of solar panels in Madison County, IN?
Your Energy Needs - With larger solar panel systems, the cost per watt decreases, despite the higher upfront expense. It is often useful for consumers to install a solar system that can generate enough electricity to fully cover their electric bill, which results in substantial savings.
Make & Model - Just like many products, solar panels are available in a range of makes and models. The system preferences of your chosen installer can make it crucial to select a recommended installer. Opting for better quality makes and models can yield a significantly improved long-term experience for the buyer.
Solar Panel Type - It's easy to see why monocrystalline panels are now the preferred option in the industry. These panels cost more but produce a higher energy efficiency. Many installers in the industry use panels crafted of this material.
Your Property - Uneven ground, trees, or other barriers can increase the difficulty of the installation. Solar installers today typically use satellite imagery to evaluate your home and include these factors into the first cost estimate.
Labor Rates - Companies provide different pay rates to their employees, which are then reflected in the prices consumers pay. It is common for businesses that offer higher wages to get better reviews for their services and customer service.
Permitting & Interconnection - Installation costs will be impacted by regularly changing local permitting and utility interconnection fees, depending on the region. Good installers will factor these costs into your preliminary quotes to prevent unexpected expenses.
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Madison County, IN Solar Panel Cost FAQs
As of December, 2024, the average solar panel installation cost in Madison County, IN has reached $3.92/W. A 5 kW solar panel system will cost you around $13,720 in Madison County, IN after the federal tax credit is applied.
Utilities and government agencies in Indiana are currently offering 6 different rebates and incentives. On top of that, most individuals are eligible for the 30% federal income tax credit.
Paying cash will ensure the most savings, but these days there are multiple options for financing solar panels that are financially sensible as well. Your preliminary quotes will usually detail financing options available through installers.
Yes, the average 5 kW solar panel payback time in Madison County, IN is 8 years, with expected savings of $19,340 on electricity over 20 years.
Savings from 
Environmental Impacts 
